Dolly Parton is a worldwide icon known for her music, acting, and philanthropy. However, what many people do not realize is that she is also an astute businesswoman and investor. Indeed, Dolly Parton’s net worth is estimated at $600 million, making her one of the richest celebrities in the world. Today, we will examine five Financial Secrets of Dolly Parton and how we can apply them to our personal financial management.
Secret #1: Living Below Your Means
The first financial secret of Dolly Parton is living below her means. Despite her massive wealth, Dolly Parton has always been frugal with her spending. She grew up poor in Tennessee and learned the value of money from an early age. As a result, she has always been careful with her expenses, making sure to spend only on things that matter to her.
In an interview with Today, Dolly Parton said, “I’ve always been the kind of person that just likes to live simple. I don’t need a lot of things to make me happy.” She went on to say that she still shops at discount stores and takes advantage of sales. By living below her means, Dolly Parton has been able to save money and invest it wisely.
Parton added that “I think being poor (as a child) has been good for me. I saw how my mom and dad struggled, and how they could stretch a dollar farther than you could begin to imagine. Even now, if I am thinking about spending a lot of money on clothing or furniture, I think ‘I can’t spend so much money on one thing; my poor old Daddy could have raised his family five years on that!’”
Secret #2: Investments
The second financial secret of Dolly Parton is investments. Dolly Parton has been investing in stocks and real estate for decades. She is a smart investor who carefully selects her investments based on their long-term potential. One of her most successful investments was purchasing an amusement park in Pigeon Forge, Tennessee, which she turned into Dollywood.
Dolly Parton also invests in the stock market, focusing on companies that align with her values. In an interview with CNBC, she said, “I like to invest in things that make sense to me, that I believe in, and that I know something about.” By investing wisely, Dolly Parton has been able to grow her wealth and secure her financial future.
Secret #3: Multiple Streams of Income
The third financial secret of Dolly Parton is multiple streams of income. Dolly Parton is not just a singer and actress; she is also an author, producer, and business owner. She has multiple sources of income that provide a steady stream of revenue.
Dolly Parton’s businesses include Dollywood, her record label, and her publishing company. She also earns income from merchandise sales, song royalties, and acting jobs. By having multiple streams of income, Dolly Parton has been able to diversify her earnings and protect herself against financial instability.
Secret #4: Generosity
The fourth financial secret of Dolly Parton is generosity. Dolly Parton is well-known for her charitable works and donations. She founded the Imagination Library, which provides free books to children in need. She also donated $1 million to Vanderbilt University Medical Center to help fund research for a COVID-19 vaccine.
In an interview with Forbes, Dolly Parton said, “When I’m able to give back, I am so grateful to be in a position to do that.” By being generous with her wealth, Dolly Parton has not only helped others but has also been able to create a positive impact on society.
“You can give what you got, but don’t give it all away,” Parton added. “I pray also that God will give me enough to share and enough to spare when it comes to my money, but also to myself. Let me share everything I can, but let me keep me.”
Secret #5: Long-term Planning
The fifth financial secret of Dolly Parton is long-term planning. Despite her success, Dolly Parton is always thinking about her future. She has a team of financial advisors who help her plan for retirement and her estate.
In an interview with The Guardian, Dolly Parton said, “I have a lot of money in reserve, and I have a lot of things that, if anything ever happened to me, would take care of me.” By planning for the long-term, Dolly Parton has been able to secure her financial future and ensure that her legacy continues.